Mobile banking apps have slowly found their way into every user’s life. Gone are the days when people had to visit branches to get their bank statements. Today all these banking and loan features are available in an app that they can use from anywhere in the world, anytime they want.
This convenience that these apps offer to the users has also opened a new way for banks to interact with customers. Banks today tend to offer the majority of their services through the app as it is more convenient for the user and feasible for the bank.
One of the most popular services offered through mobile banking apps is loans. Today, a mobile banking app is incomplete without an integrated loans section. If you too are planning to launch a mobile banking app and do not know how to integrate loan features into mobile banking apps, then do not worry as this post is just what you need!
Table of contents
What are Loan Features in a Mobile Banking App?
Before we begin with the integration, let us first take a closer look at loan features. For a banking application, loan features are added features that allow a user to better interact with bank loan lending service.
These features open a direct and convenient way for users to apply, track, and manage their loan requests with the bank, right from the application.
Some of the core features that fall under the loan feature category include -
Loan Applications
The ability for a user to instantly apply for a loan application from their mobile device.
Document Upload & Verification
A document upload option that allows the user to upload required documents like salary slips, statements, etc.
Loan Tracking
A feature that allows a user to identify the exact stage of their loan process, whether it is being processed or has already been sanctioned.
Loan Repayment
Offering the user an easy way to make repayments, directly from their mobile banking app.
Interest Calculator
Keeping your user informed about the terms and conditions of the loan and bringing transparency to the table with easy interest calculations.
Credit Scoring
An additional feature that allows your user to track their credit score regularly so that they can make informed decisions, every time.
Other than these features like loan reporting, loan statement generation, loan foreclosure, etc. are also included in the loan features integration. Banking app development company often integrate loan features by default as these benefits sweeten the pot.
All these features make it easier for a person to access their loan queries and enable a bank to reach more potential customers who may be interested in a loan.
Ways to Integrate Loan Features into a Mobile Banking App
Lending features are certainly a vital addition to your existing application. There are ways you can integrate these features into your mobile banking application.
These ways are:
Manually Implement Functionalities (Not Recommended)
If you are familiar with coding and how development works, you can manually implement functionalities related to the features above. Keep in mind that we do not recommend you play around with your application’s source code as it is the job of a professional.
Ask for Professional Help (Recommended)
You can go for money lending app development by connecting with experienced team of developers. These service providers are experienced professionals who can assist you in identifying the opportunities and adding features accordingly. Simply share your requirements with the same and you will get your loan features integrated easily.
You can always use an existing open-banking API to bring added features to your mobile banking application. However, it is always better to let professionals take care of things for you.
Benefits of Integrating Loan Features into Mobile Banking Apps
Integrating lending features into your mobile banking application can bring a lot of benefits for both you and your customers.
Let’s take a look at these benefits in further detail –
Benefits for Banks:
- Access to a Wider Pool of Audience
- Increased Customer Loyalty
- Improved Conversion Rate
Benefits for Customers:
- Ease of Access
- Instant Loan Management
- Easy Credit Score Tracking
The benefits clearly state that it is a win-win situation for both the bank and customers. You see, banks benefit when more and more users take loans from them, and users win when they have access to funds instantly from their smartphones.
Integrate Loan Features in Mobile Banking Apps for Improved Growth!
Integrating lending features in your mobile banking is easy if you have a team of experts ready to do it for you. You should not take matters into your own hands if you are not familiar with development as it can backfire on you.
These loan features not only add new features to your application but attract new customers who may be interested in a loan.
Loan features are the way to go if you are looking to revamp your existing mobile banking app or are simply starting a new one. With that said, we have reached the end of this episode. Hope this post answers all your queries related to integrating loan features into mobile banking apps. Thanks for reading, good luck!
